Core Viewpoint - Qualcomm has gained attention from Wall Street as a potentially undervalued player in the AI semiconductor market, with Morgan Stanley maintaining an "overweight" rating and highlighting its strong growth prospects in diversified markets and AI applications [1][8]. Data Center - Qualcomm's data center strategy focuses on addressing power consumption and memory bandwidth challenges, leveraging its performance advantages validated in mobile and PC markets [3]. - The company plans to launch two key products: the AI 200 chip, expected by the end of 2026, aimed at high energy efficiency, and the AI 250 chip, targeting both power consumption and memory bandwidth issues [3]. - Data center revenue is projected to start growing in fiscal year 2027, initially from AI accelerators/NPU, followed by CPU-related revenue in fiscal year 2028, creating a multi-billion dollar business opportunity [3]. Automotive and PC Business - Qualcomm's diversification strategy has shown results, with automotive and IoT businesses achieving a compound annual growth rate (CAGR) exceeding 20% over the past five years [4]. - The automotive business has seen faster-than-expected growth in chip design orders, with a collaboration with BMW on ADAS solutions set to launch in the U.S. in Q1 2026 [7]. - In the PC market, Qualcomm is approaching a 10% market share in retail channels in the U.S. and Western Europe, with a long-term goal of achieving $4 billion in PC revenue by fiscal year 2029 [7]. AI as a New Focus - The AI sector is emerging as a significant growth area for Qualcomm, with opportunities in XR (extended reality) expected to exceed previous revenue targets set for fiscal year 2029 [7]. Investment Catalyst - A potential catalyst for Qualcomm's growth could be the planned data center-focused investor day in the first half of 2026, where the company may reveal more customer relationships and market opportunities [8].

智通财经APP获悉，近日，高通(QCOM.US)召开2025财年第4季度业绩说明电话会。高通表示，公司对 进入数据中心领域感到非常兴奋，并认为这是公司多元化扩张的 "新篇章"。公司的核心竞争优势在于 能效，即用最少的功耗生成最多的 Token。公司主要从两个方面切入：一是公司拥有一个极具竞争力的 高能效 CPU，可用于 AI 集群的头节点和通用计算；二是公司正在构建一个专为 AI 推理设计的全新架 构。公司的 AI 200 和 AI 250 芯片及加速卡解决方案正是在这一战略下开发的，目前进展令人满意，更 多细节和性能指标将在明年初公布。 关于客户合作，公司的确与一家 "超大规模" 客户进行了讨论，并且对结果非常满意。该合作的更多细 节，将作为公司未来发布数据中心路线图时的一部分内容进行更新。市场显然需要竞争，而高通将以一 贯的方式，用过硬的产品性能来证明自己。 Q&A 问答 Q：市场似乎仍然非常担心明年三月季度的表现，主要原因就是你们在那个主要安卓客户的份额发生了 变化。从历史上看，你们手机业务从十二月季度到三月季度的环比降幅通常在高个位数（例如 7-9%） 左右。考虑到份额降低，这个历史环比降幅趋势还适用 ...